Our Sacred Honor

The development of the global economy is perhaps one of the most controversial topics in economics, while also the most inevitable. Very few economists would argue that resisting globalization is a wise idea, or even possible. However, there are definite advantages and disadvantages to a global economy. This blog simply weighs the positives and negatives of how globalization has impacted the United States and the international market as a whole in regards to specialization of economies, protectionism, and international trade.                The American system was designed around an understanding of the free market – where supply and demand determine the prices of various good and services. This allows scarce resources to flow to their most efficient uses, since capitalist producers will not continue to waste valuable resources on failed experiments, if there is no economic incentive. As competition increas...

Have you ever heard the analogy that the United States of America is a "melting pot" - where different cultures, religions, ethnicity, and personalities come together to create something unique and special? I've always appreciated this analogy for its simple depiction of what makes America great - our pragmatic assimilation and appreciation of the good ideas in the world. This "melting pot" approach to American society and government can be traced all the way back to the original colonies in this nation. While many were British, there was also a great deal of influence Dutch, Spanish, and French society, as well. Settlers came to have opportunity, land, and freedom from the "old country." As time went on, the predominantly Protestant Europeans also began to be diversified among different denominations, and even Catholicism and some non-Christian sects, as well. By the time America declared independence, there was already a great deal of diversity of ...